Use the facts on the following page to complete the 2019 Form 1040 and attach its relevant schedules (Sch A, B, C, D, E, 1, 2, 3, 4, etc ) You can find all of the forms online Facts Janet and Jill Franklin are a married filing jointly couple who live at 10500 Taba Cove Ct, Fairfax, Virginia 22030 after purchasing it on Jan 1, 2019 They paid $1 million dollars with a $200,000 down payment They have a 30 year fixed loan with 4 25 interest Their principal and interest payments totals $4,000 month with $3,200 for interest and $800 for principal They have $725 month in property taxes and $150 month in homeowner association dues Finally, they pay $250 month in homeowner insurance (Note the mortgage interest deduction limitations ) Janet is a lawyer and received a W 2 with 175,000 salary and 25,000 in withholding Jill is working part time and received a W 2 with 30,000 salary and 3,000 in withholding Together, they owe Virginia over $10,000 in income taxes Janet purchased a Virginia bond for $10,000 and earned 3 interest in 2019 They earned 1 0 interest on a CD worth $10,000 at Discover Bank For the full year, they invested $45,000 in the S P 500 index (VOO), which has a dividend yield of 1 5 Their investment in the S P 500 index appreciated from $45,000 to $46,500, but they did not sell Excited for the launch of a new iPhone, they bought 100 shares of Apple stock at $221 share on 9 12 19 Disappointed by the new iPhone, they sold their 100 shares for $261 share on 9 13 19 They each contributed $5,500 to their Roth IRAs They also donated $500 worth of clothing to Goodwill and $150 to the re election campaign of Congressman Gerry Connolly Jill has a $25,000 student loan with interest rate at 6 She is currently studying for the bar exam and enrolled in a review course for $800 Jill has recently been in poor health and had frequent overnight visits to the hospital She had medical expenses of $89,000 and insurance paid for $79,000 so out of pocket was $10,000

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 22, 2024

Use the facts on the following page to complete the 2019 Form 1040 and attach its relevant schedules (Sch A, B, C, D, E, 1,

Use the facts on the following page to complete the 2019 Form 1040 and attach its relevant schedules (Sch A, B, C, D, E, 1, 2, 3, 4, etc.). You can find all of the forms online

Facts:

Janet and Jill Franklin are a married filing jointly couple who live at 10500 Taba Cove Ct, Fairfax, Virginia 22030 after purchasing it on Jan 1, 2019.
They paid $1 million dollars with a $200,000 down payment. They have a 30 year fixed loan with 4.25% interest. Their principal and interest payments totals $4,000/month with $3,200 for interest and $800 for principal. They have $725/month in property taxes and $150/month in homeowner association dues. Finally, they pay $250/month in homeowner insurance. (Note the mortgage interest deduction limitations.)
Janet is a lawyer and received a W-2 with 175,000 salary and 25,000 in withholding.
Jill is working part-time and received a W-2 with 30,000 salary and 3,000 in withholding.
Together, they owe Virginia over $10,000 in income taxes.
Janet purchased a Virginia bond for $10,000 and earned 3% interest in 2019.
They earned 1.0% interest on a CD worth $10,000 at Discover Bank.
For the full year, they invested $45,000 in the S&P 500 index (VOO), which has a
dividend yield of 1.5%. Their investment in the S&P 500 index appreciated from $45,000
to $46,500, but they did not sell.
Excited for the launch of a new iPhone, they bought 100 shares of Apple stock at
$221/share on 9/12/19. Disappointed by the new iPhone, they sold their 100 shares for
$261/share on 9/13/19.
They each contributed $5,500 to their Roth IRAs.
They also donated $500 worth of clothing to Goodwill and $150 to the re-election
campaign of Congressman Gerry Connolly.
Jill has a $25,000 student loan with interest rate at 6%. She is currently studying for the
bar exam and enrolled in a review course for $800.
Jill has recently been in poor health and had frequent overnight visits to the hospital.
She had medical expenses of $89,000 and insurance paid for $79,000 so out-of-pocket was $10,000.